Rise in demand for geosynthetics in the transportation and energy sector and cost-effectiveness of the product drive the growth of the global geosynthetics market.
PORTLAND, Ore., Dec. 7, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Geosynthetics Market by Type (Geotextiles, Geomembranes, Geogrids, Geocomposites, Geonets, and Others), and End-use Industry (Water/Wastewater Management, Transportation Infrastructure, Civil Construction and Mining, Energy, and Others.): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global geosynthetics industry was estimated at $13.2 billion in 2020, and is anticipated to hit $37.9 billion by 2030, registering a CAGR of 11.2% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in demand for geosynthetics in the transportation and energy sector and cost-effectiveness of the product drive the growth of the global geosynthetics market. On the other hand, volatility in petrochemical prices restrains the growth to some extent. However, surge in demand for sustainable products in developing economies is expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The abrupt decline in global construction activities and infrastructural activities led to decreased demand for geosynthetics materials, thereby impacting the market negatively, especially during the initial period.
- However, as the global situation is getting better, the market is projected to recoup soon.
The geomembranes segment to dominate by 2030-
Based on type, the geomembranes segment accounted for around two-fifths of the global geosynthetics market share in 2020, and is expected to lead the trail by the end of 2030, due to its extensive use in various end use applications. The geogrids segment, on the other hand, would cite the fastest CAGR of 12.1% from 2021 to 2030.
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The water/wastewater management segment to maintain the dominant share-
Based on application, the water/wastewater management segment contributed to around two-fifths of the global geosynthetics market revenue in 2020, and is projected to dominate by 2030. This is attributed to the fact that the demand for wastewater is more likely to increase in the future owing to increasing population and industrialization. The energy segment, however, would grow at the fastest CAGR of 13.0% from 2021 to 2030. As renewable energy sites expand across the globe, the demand for geosynthetics is also expected to increase to a significant extent. This factor propels the segment growth.
Asia-Pacific, followed by North America, garnered the major share in 2020-
Based on geography, Asia-Pacific, followed by North America, garnered the highest share in 2020, holding more than one-third of the global geosynthetics market. The same region would also showcase the fastest CAGR of 13.3% during the forecast period. This is because factors such as rising construction and infrastructural developments in China and India have increased the demand for geosynthetics in the province.
Key players in the industry-
- Freudenberg Group
- HUESKER Group
- Maccaferri S.p.A.
- NAUE GmbH & Co. KG
- PRS Geo-Technologies
- Tensar International Corporation
- Schouw & Co.
- AGRU
- Solmax
- TENAX Group
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